MUST READ MOCKERY OF JUDICIAL SYSTEM: *MOYNIHAN LYING UNDER OATH-WHAT A WASTE OF TIME AND MONEY: Notable Quotables from Brian Moynihan's incredibly evasive deposition transcript in MBIA vs. Countrywide - This can't be how legal system works

Q. Do you recall ever attending one where the topic was any aspect of the Countrywide transaction?

Moynihan: What do you mean by the Countrywide transaction?

13:24:29 16 Q. In the broadest conceivable sense, do you recall ever attending an audit committee meeting where the word Countrywide or any aspect

13:24:36 19 of the Countrywide transaction was ever discussed?

13:24:42 22 A. I don't know how to answer that question. I mean we talk about a lot of things.

13:24:47 24 I don't recall in the audit committee sense. You

13:24:50 25 have to look at the minutes.

Q. We would have to look at the

13:24:52 3 minutes in order to --

13:24:53 4 A. Yes, you have to get somebody that

13:24:55 5 is on the audit committee.

13:26:11 4 Q. Do you recall any instances where

13:26:16 5 the Countrywide transaction, again in the broadest

13:26:18 6 conceivable sense, were discussed at that

13:26:22 7 committee?

13:26:22 8 A. I don't recall specific instances

13:26:28 9 of discussion.

13:28:54 2 A. They focus on -- the management

13:28:57 3 committee, it focuses on the asset and liability

13:28:59 4 position of the company, interest rate risk and

13:29:02 5 things like that.

13:29:02 6 Q. And you were a member of that

13:29:04 7 committee?

13:29:04 8 A. I was, yes.

13:29:05 9 Q. And do you recall any discussions

13:29:06 10 about Countrywide transaction in connection with

13:29:09 11 the meetings of that committee?

13:29:11 12 MR. ROSENBERG: Objection to form.

13:29:12 13 A. I don't recall any specific

13:29:13 14 discussions about it in that committee.

13:29:16 15 Q. Do you recall that subject ever

13:29:18 16 being discussed at that committee?

13:29:19 17 A. I don't recall. I don't recall the

13:29:22 18 subject being discussed.

13:29:23 19 Q. Is that the kind of subject that

13:29:24 20 would have been discussed at that committee?

13:29:26 21 MR. ROSENBERG: Objection to form.

13:29:28 22 A. I think, sir, the minutes of the

13:29:29 23 committee, the topic would speak for itself and

13:29:33 24 it's a committee of the company. And so, I don't

13:29:35 25 recall any specific discussion.

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13:29:36 2 Q. Well, this was a multi billion

13:29:41 3 dollar acquisition, was it not?

13:29:42 4 MR. ROSENBERG: Objection to form.

13:29:45 5 A. It was a multi billion dollar

13:29:48 6 acquisition, yes.

13:29:48 7 Q. Is that the kind of acquisition

13:29:49 8 that would have presented issues for the

13:29:52 9 committee?

13:29:53 11 A. Not necessarily.

13:29:56 12 Q. What committees within Bank Of

13:30:01 13 America would have focused on a transaction of

13:30:03 14 this sort?

13:30:05 15 MR. ROSENBERG: Objection. No

13:30:07 16 foundation, time period.

13:30:10 17 A. The process -- the decisions to buy

13:30:14 18 or sell a company were basically were embedded in

13:30:16 19 the CEO, in the corporate strategy group, those

13:30:20 20 were the people that worked on the finance group

13:30:23 21 and other people. They weren't approved by

13:30:25 22 committees of the management.

13:30:26 23 Q. Did the committees have any role in

13:30:30 24 connection with those kinds of transactions?

13:30:31 25 MR. ROSENBERG: Objection to form.

13:30:32 2 A. Not a formal role, that I recall.

13:30:36 3 Q. Do you recall participating

13:30:53 4 yourself in any discussions in connection with

13:30:58 5 committee meetings, whether it was the credit risk

13:31:04 6 committee or the asset and liability committee, do

13:31:08 7 you recall participating in any discussions

13:31:11 8 respecting Countrywide matters?

13:31:13 9 MR. ROSENBERG: Objection to form.

13:31:16 10 A. Now I'm lost with the question.

13:31:19 11 What is the question again?

13:31:20 12 Q. Do you recall participating

13:31:23 13 yourself in any discussions in connection with

13:31:26 14 committee meetings, whether it was the credit risk

13:31:30 15 committee or the asset and liability committee, do

13:31:33 16 you recall participating in any discussions

13:31:36 17 respecting Countrywide matters?

13:31:38 18 MR. ROSENBERG: Same objection.

13:31:39 19 A. When?

13:31:39 20 Q. Any time while you were on those

13:31:41 21 committees.

13:31:43 22 A. I don't recall. I mean, I don't

13:31:52 23 recall those committees talking about it. We had

13:31:54 24 a steering committee for the integration, we had -- in

13:31:59 25 subsequent I spent a lot of time talking about the

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13:32:02 2 Countrywide acquisition with counsel as part of

13:32:04 3 our litigation strategy. So, as the CEO of the

13:32:07 4 company and that is what we do.

13:32:10 5 Q. Is the answer that you don't recall

13:32:12 6 discussing the transaction at these committee

13:32:15 7 meetings?

13:32:16 8 A. I don't recall discussion of the

13:32:18 9 transaction at the committee meetings.

13:37:01 21 Q. Were issues to your recollection

13:37:10 22 respecting the Countrywide transaction ever

13:37:12 23 discussed at the board level?

13:37:14 24 MR. ROSENBERG: Objection to form.

13:37:16 25 A. We discussed issues about the risk

1 BRIAN T. MOYNIHAN - HIGHLY CONFIDENTIAL

13:37:21 2 and mortgage with counsel and others at the board

13:37:26 3 level, yes, inside the CEO. That is 2010.

13:37:34 4 Q. And the board minutes would reflect

13:37:35 5 those discussions?

13:37:37 6 A. They would stand for themselves,

13:37:40 7 yes.

13:38:19 5 Q. Can you think of any reason why the

13:38:21 6 board minutes weren't produced to us in this

13:38:23 7 transaction?

13:38:24 8 MR. ROSENBERG: Objection.

13:38:26 9 A. You would have to ask counsel.

13:38:28 10 Q. You didn't give any direction not

13:38:36 11 to produce board minutes, did you?

13:38:36 12 A. In these processes it goes through

13:38:36 13 the legal team and they are in charge of that.

13:38:38 14 Q. Do you consider yourself a truthful

13:38:45 15 person?

13:38:46 16 MR. ROSENBERG: Objection to the

13:38:47 17 form.

13:38:47 18 A. Yes.

13:40:45 7 Q. You don't speak off the top of your

13:40:48 8 head, you speak carefully?

13:40:50 9 MR. ROSENBERG: Objection to the

13:40:50 10 form.

13:40:51 11 A. I speak carefully and make sure I

13:40:54 12 say what I mean.

13:41:00 13 Q. Would you say you have a good

13:41:01 14 memory?

13:41:02 15 MR. ROSENBERG: Objection to form.

13:41:03 16 A. I would -- I could remember things,

13:41:08 17 yes, I have a good memory.

13:41:09 18 Q. Is there any reason why your memory

13:41:11 19 of the transactions regarding Countrywide might be

13:41:13 20 impaired?

13:41:13 21 MR. ROSENBERG: Objection to form.

13:41:15 22 A. My memory is not impaired, no.

13:41:19 23 Q. There no particular obstacle or

13:41:22 24 reason why you wouldn't recollect events that most

13:41:25 25 people would recollect?

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13:41:26 2 MR. ROSENBERG: Objection to form.

13:41:27 3 A. I'm not sure what you're talking

13:41:29 4 about -- asking about.

13:41:31 5 Q. Have you talked to anyone other

13:41:38 6 than your lawyers in connection with this

13:41:40 7 deposition?

13:41:43 8 MR. ROSENBERG: Objection to the

13:41:45 9 form.

13:41:45 10 A. Not that I recall.

13:41:45 11 Q. Did you speak with anybody to

13:41:48 12 refresh your recollection?

13:41:49 13 A. I talked to my lawyers.

13:41:52 14 Q. Only your lawyers?

13:41:53 15 A. Yes.

13:41:54 16 Q. Did you review any documents to

13:41:56 17 refresh your recollection?

13:41:57 18 A. The lawyers gave me some documents

13:41:59 19 to look at yesterday.

13:42:00 20 Q. Did any of them refresh your

13:42:02 21 recollection about events?

13:42:03 22 A. They would have -- they had the

13:42:09 23 events depicted in them, yes. I mean some of the

13:42:12 24 stuff was not relevant to anything that I ever

13:42:14 25 seen before. And other stuff –

13:42:15 2 Q. Did it help you recall the events

13:42:17 3 that --

13:42:18 4 A. I'm not sure what events you're

13:42:20 5 talk about, but.

13:42:20 6 Q. The events that are the subject of

13:42:22 7 this deposition.

13:42:24 8 MR. ROSENBERG: Objection to form.

13:42:25 9 A. They would have helped me recall

13:42:26 10 the events in the documents because the documents --

13:42:28 11 I have looked at the documents.

13:42:31 12 Q. Do you recall any particularly that

13:42:33 13 helped refresh your recollection?

13:42:35 14 A. The ones that were there, I mean.

13:42:38 15 Q. Which ones were they?

13:42:40 16 A. I think that is between us working

13:42:43 17 with my counsel in the case.

13:42:45 18 Q. I'm afraid it is not. Because if

13:42:47 19 it refreshed your recollection I'm entitled to

13:42:49 20 know it.

13:42:49 21 MR. ROSENBERG: Mr. Moynihan, if you

13:42:51 22 can recall any documents that specifically

13:42:54 23 refreshed your recollection, you can tell him

13:42:56 24 that.

13:42:57 25 A. One document that I recall, they

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13:42:59 2 had the steering committee documents that were

13:43:01 3 presented. That reminded me who was on the

13:43:06 4 committee and we met.

13:43:06 5 Q. Anything else?

13:43:07 6 A. Not particularly.

13:43:13 7 Q. You mentioned preparing for the

13:43:15 8 deposition, how long did you prepare?

13:43:17 9 A. A few hours.

13:43:20 10 Q. When was that?

13:43:21 11 A. Yesterday.

13:43:22 12 Q. What time?

13:43:23 13 A. Yesterday afternoon.

13:43:26 14 Q. Between when and when?

13:43:28 15 A. I don't know exactly. Yesterday

13:43:30 16 afternoon.

13:43:30 17 Q. Well, did you start at 1 o'clock?

13:43:35 18 A. I don't know exactly. I think it

13:43:37 19 was 3 o'clock, if I remember, something like that.

13:43:40 20 Q. What time did you finish?

13:43:41 21 A. Around five.

13:43:42 22 Q. Have you done anything else to

13:43:44 23 prepare for this deposition other than that

13:43:46 24 meeting?

13:43:47 25 A. No.

13:48:49 13 Q. By January 1st, 2010 when you

13:48:51 14 became the CEO of Bank Of America, CFC and I'm

13:49:01 15 using the initials CFC, Countrywide Financial

13:49:06 16 Corporation, itself was no longer engaged in any

13:49:08 17 revenue producing activities; is that right?

13:49:11 18 MR. ROSENBERG: Objection to form.

13:49:12 19 A. I wouldn't be the best person to

13:49:15 20 ask about that because I don't know.

13:49:17 21 Q. Sir, you don't know, you were CEO

13:49:21 22 of Bank Of America in January, 2010 but you don't

13:49:23 23 know what Countrywide Financial Corporation was

13:49:25 24 doing at that time?

13:49:27 2 A. We have several thousand legal

13:49:29 3 entities. I could tell you what we were doing in

13:49:32 4 the mortgage business. Exactly what subsidiary

13:49:35 5 took place is not what you do as the CEO. That is

13:49:37 6 other people's jobs to make sure.

13:49:38 7 Q. Do you ever come to learn what CFC

13:49:43 8 was doing?

13:49:43 9 MR. ROSENBERG: Objection to form.

13:49:44 10 A. I'm not sure that I recall exactly

13:49:45 11 what CFC was doing versus other parts.

13:49:46 12 Q. CFC no longer originated any loans;

13:49:49 13 is that correct?

13:49:52 14 MR. ROSENBERG: Objection to the

13:49:52 15 form.

13:49:52 16 A. As I said, there are people that

13:49:53 17 take care of that. We originate mortgage loans at

13:49:55 18 Bank Of America. Which enterprise it went through

13:49:59 19 there would be people closer to it that ran the

13:50:02 20 mortgage business and stuff.

13:50:02 21 Q. What is your view? I realize there

13:50:05 22 might be people closer to it, do you know of any

13:50:13 23 loans that were being originated through CFC?

13:50:13 24 MR. ROSENBERG: Objection to form.

13:50:13 25 A. I don't recall one way or the

13:50:13 2 other.

13:50:13 3 Q. It no longer serviced any loans;

13:50:16 4 isn't that correct?

13:50:16 5 MR. ROSENBERG: Objection to form.

13:50:17 6 A. Again, I don't recall exactly what

13:50:18 7 it was doing. We serviced loans as a company and

13:50:20 8 made loans as a company. The legal entities is up

13:50:24 9 to the teams that work on those structures.

13:50:29 10 Q. Did CFC continue to issue insurance

13:50:39 11 after July 1, 2008?

13:50:40 12 MR. ROSENBERG: Objection, no

13:50:42 13 foundation. Asked and answered.

13:50:42 14 A. Again I don't know the specific

13:50:43 15 entities. It is one of several subsidiaries in

13:50:46 16 the company and we could get the people that know

13:50:48 17 that.

13:50:48 18 Q. Did CFC trade any securities?

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